How has bitcoin affected the economy?

Just a few days back people were bemoaning their fate at not making hay when the sun shined, meaning investing in bitcoin when it soared sky high. Making easy money has always been the top priority for people and that is the reason people are attracted to binary options trading systems like the Bitcoin Code, click here to know more about it, and others that promise to make you millionaires without any effort. And that is also the reason people wished they invested in bitcoin when it was low and easily accessible to one and all.

One thing is clear from the increasing rate of bitcoin that it has the power to transform economies around the globe in a very short span of time. Here are a few areas where bitcoin impact is evident.

The dark web has gotten more deadly: The Dark web is a place where the common man will not stray for that matter many don’t even know the existence of such a place. These are areas that require special software to access. Since one cannot access these areas of the internet this place is rife with crime and a lot of illegal dealings happen here. The anonymity of Bitcoin transactions makes it a suitable choice for criminals who know to work on the dark web.

The shift of power: Till the advent of cryptocurrency all monetary transactions had to take place through the central banks but with bitcoin gaining more popularity the power vested in these central organizations is diminishing. This change in the scenario can rattle the pillars of any economy and pose a major threat to the stability of any regime. Regulatory policies are required to control inflation, unemployment and interest rate. But with bitcoins taking over the country’s fate is in the hands of people across the globe and that is not good for anyone.

Money laundering: The digital nature of bitcoin makes it susceptible to money laundering schemes. All major banks across the globe are wary of this unpredictable form of currency which are attacking the loopholes in the present banking system. Coupled with it the lack of accountability in cryptocurrency it is very difficult to track all economic activity.

Birth of new markets: Unlike the paper currency that is in vogue, cryptocurrency has led to the emergence of a new kind of market which has no controls. All transactions happen in cyberspace with no trail left behind or one so hard that it is virtually impossible to find. With the emergence of more cryptocurrencies and the acceptance of the same into mainstream businesses, the future is brimming with endless possibilities and new beginnings.

Only time will tell if bitcoin will become mainstream or will still remain outside the grasp of the common man but there is no denying that it has the power to transform economies across the globe.